KINGSWOOD EDUCATION(300192) 开源证券·2025-04-29 15:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth across its various business segments, with a notable acceleration in the mass production of AI chips by Zhonghao Xinying [1] - For the year 2024, the company achieved a revenue of 795 million yuan, representing a year-on-year growth of 3.1%, and a net profit attributable to shareholders of 145 million yuan, up 4.73% year-on-year [4][5] - In Q1 2025, the company reported a revenue of 183 million yuan, a decrease of 2.27% year-on-year, and a net profit of 38 million yuan, down 6.8% year-on-year, primarily due to an investment loss in Zhonghao Xinying [4][5] - The company has adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 166 million, 184 million, and 204 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.50, 0.56, and 0.62 yuan [4][5] Financial Performance Summary - The company’s revenue for 2024 is projected to be 795 million yuan, with a year-on-year growth of 3.1% [7] - The net profit for 2024 is expected to be 145 million yuan, reflecting a year-on-year increase of 4.7% [7] - The gross margin for 2024 is estimated at 33.4%, with a net margin of 18.2% [7] - The company’s earnings per share (EPS) for 2025 is projected at 0.50 yuan, with a price-to-earnings (P/E) ratio of 30.3 [7] Business Segment Analysis - The education segment generated a revenue of 368 million yuan in 2024, growing by 2.94% year-on-year, with a gross margin of 46.28% [5] - The ink business maintained a high gross margin, with a revenue of 427 million yuan in 2024, up 3.24% year-on-year, and a gross margin of 22.27% [5] - Zhonghao Xinying achieved a revenue of approximately 597.96 million yuan in 2024, with a net profit of 85.91 million yuan, significantly outperforming its peers [6]